Tokyo rubber hits three-month low on July 3

2019-7-4 22:23:51Editor：AmandaFont Size：BigMediumSmall

Tokyo Commodity Exchange (TOCOM) futures slipped to a 3-month low on Wednesday, amid a flurry of technical selling and weighed down by a stronger yen against the US dollar. The benchmark TOCOM rubber contract for December delivery finished 6.4 yen, or 3.4%, lower at 184.6 yen ($1.71) per kg, after touching the lowest since April 3 of 183.6 yen earlier in the session.

The most-active rubber contract on the Shanghai futures exchange for September delivery fell 115 yuan to finish at 11,160 yuan ($1,620) per tonne. It dove to as low as 11,115 yuan, the lowest since March 29, earlier in the session. TOCOM's technically specified rubber (TSR) 20 futures contract for January delivery closed up 1.0% at 153.6 yen per kg. The front-month rubber contract on Singapore's SICOM exchange for August delivery last traded at 144.7 US cents per kg, down 1.1%.

The US dollar was quoted around 107.68 yen, compared with around 108.34 yen on Tuesday afternoon. A stronger yen makes yen-denominated assets less affordable when purchased in other currencies.